Advice from Successful Savers

Pauline Davis

"...I learned to take care of myself and figure out what I can spare. I check my savings account every morning...the key is it’s all adding and subtracting.”

Pauline Davis’ first official in-home business, “Pauline’s Creations” draws upon thirty years of freelance sewing, tailoring, furniture repair, and textile design to meet customers various demands: restoring a vintage car interior or customizing a prom gown. Under her mother’s guidance, Pauline began sewing in her mid-teens, and after high school she started work in local dress shops to make ends meet. Eventually she established herself as an exceptionally fast and adept seamstress in the DC area and began sub-contracting for companies such as Hecht’s, Ethan Allen, Cort Furniture, and Sherman Associates Decorators. During the mid-90’s decorator Nelson Beck hired Pauline to assist the White House Restoration project, particularly for her experience with draperies and upholstering.

Despite three decades of tireless commitment to her craft, Pauline was still plagued by financial instability, “I had never taken the time to really sit down and learn the financial part of running my business… I was robbing Peter to pay Paul”. Fiscal near-sightedness put a clear ceiling on Pauline’s production volume and profits, which is why her relationship with IDA coordinator Ken White and The Washington Project would immediately prove invaluable. Pauline enrolled in The Washington Project’s 12-week Entrepreneurial Study Program (ESP) and graduated as valedictorian of her class.

Pauline learned about Individual Development Accounts through The Washington Project, one of the ten member organizations of Capital Area Asset Building. CAAB approved Pauline’s IDA application in December of 2000 offering her a 2.5:1 match rate on her IDA savings. Pauline began making deposits into her IDA with the goal of saving $2,250 dollars. CAAB matched Pauline’s saving to the maximum amount of $5,625, while she received training, support and networking opportunities from The Washington Project’s micro business labs. Using these funds for down payment and closing costs, Pauline was able to buy her first home and move out of the very limited space of her M street apartment. Since Pauline works from home, having more space to accommodate her many projects was crucial for her growing business.

Though Pauline does not seem to be easily overwhelmed by her many projects, she has hired a full time assistant/apprentice and often relies on her two adult children (a son who upholsters furniture and daughter who also makes clothing) to help her with the greater influx of work. Her IDA and the money management training has given her the skills to succeed. “My savings habit was really bad…I am the oldest of seven brothers and sisters so I have to help out as much as possible, but now I learned to take care of myself and figure out what I can spare. I check my savings account every morning… the key is it’s all adding and subtracting."

On February 20th of 2003, Pauline received the Ema and John Steinbruck award for thirty years of individual leadership—personally presented to her by Mayor Anthony Williams. Now Pauline is eagerly awaiting her next move into a more spacious home on Branch and Pennsylvania where she will be able to accommodate larger customer demands or devote time to her pet projects such as fashion shows for her African garments and custom lingerie. Anticipating the increasing output of her business, Pauline is negotiating a wholesale account with Kohl’s fabric distributor in South Carolina.

The excitement and hopefulness for future expansion is more than palpable within the workshop of Pauline’s Creations; with tailor-tape slung over her shoulders and cornered, but certainly not intimidated, by several concurrent upholstering jobs Pauline smiles and says confidently, “I feel like I can see through the clouds something is coming, I don’t know what exactly is on the other side but I feel like its good.”

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